Australia markets open in 9 hours 38 minutes

    -0.90 (-0.01%)

    -0.0009 (-0.12%)
  • ASX 200

    +1.70 (+0.03%)
  • OIL

    -0.21 (-0.47%)
  • GOLD

    +8.00 (+0.44%)

    +144.45 (+0.56%)
  • CMC Crypto 200

    -5.97 (-1.57%)

Classic Australian brand RM Williams goes up for sale

Tony Yoo
R.M. Williams ambassador Hugh Jackman (Credit: Supplied by via AAP)
R.M. Williams ambassador Hugh Jackman (Credit: Supplied by via AAP)

Classic Australian brand RM Williams is reportedly up for sale for up to half a billion dollars.

Private equity firm L Catterton Asia, which controls the Adelaide company, has commissioned Goldman Sachs to seek interested buyers and auction the company off, as Fairfax Media first reported.

RM Williams made its name making Australiana-style leather boots and accessories. It's currently marketed as a high-end shoe label for both the Australian and overseas markets.

The brand has its own retail stores as well as being stocked in department stores and some independent shops.

L Catterton Asia is the investment vehicle for LVMH Moët Hennessy – the French business that owns luxury labels like Louis Vuitton, Christian Dior and Moët champagne.

The firm first bought into RM Williams in 2013 when it grabbed a 49.9 per cent piece from former News Corp Australia executive Ken Cowley. One year later L Catterton and superannuation fund IFM Investors took a controlling stake.

L Catterton Asia is seeking a price tag of $400 million to $500 million for the company, according to Fairfax, citing unnamed sources.

Sales for RM Williams has been growing, racking up $142 million for the 2017-18 financial year, compared to $126 million in 2017.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.